DO NOW (10 min) 10/12 ESPN: Economic $ystems PG. 19-22 Create a factors of production chart for the product on the right Be sure to include: Land (3 examples) Labor (3 examples) Capital (3 examples) Entrepreneurship If you finish early – organize your notebook. (glue in loose sheets, number pages, etc.) Respond on page 19 Is your week sheet out and ready to be stamped? Did you write today’s lesson title in your table of contents?

Questions: Who should decide the price of the car Questions: Who should decide the price of the car? Who should decide who gets to purchase the car? Stem: Select one of the options to complete the stems. individuals a company the government “I think _____________ should decide the price of the car because…” “I think _____________ should decide who gets to purchase the car because…” Signal: timer sounds in 2 minutes Share: The person with the longest hair goes first. Assess: Share whole group. QSSSR – 5 min $260,000

Objectives 6.8A Describe ways in which the factors of production (natural resources, labor, capital, and entrepreneurs) influence the economies of various contemporary societies 6.21B Analyze information by sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing, making generalizations and predictions, and drawing inferences and conclusions;

Inquiry Question Social: Collaboration What are the differences between traditional, market, and command economies? Statement of Inquiry (SOI) Economic systems allow people to organize the production and distribution of goods and services. Approach to Learning Social: Collaboration

Economic Systems – 30 min

Economic Systems Coding Text

Checkpoint What is an economic system? What three questions must all economic systems answer? What are the three types of economic systems?

Checkpoint What are the characteristics of a traditional economic system? What are the characteristics of a command economic system? What are the characteristics of a market economic system?

Economic Systems Coding Text Positive (good) + Negative (bad) -

Checkpoint What are the benefits and drawbacks of a traditional economic system? What are the benefits and drawbacks of a command economic system? What are the benefits and drawbacks of a market economic system?

Part III: Discussion Starter Which of the three economic systems would you associate with the United States? Why? Based on what I have learned, I think…

Inquiry Question What are the differences between traditional, market, and command economies?

Ready To Go? You are NOT ready to go until your table looks like this Difference: Have your plicker card in your hand!

Exit Ticket Which of the following is a valid [correct] conclusion about economic systems? 6.8A Economic freedom is most limited in a market economy. Government authority is strongest in a command economy. Competition is a key factor in all the economies listed. The profit motive drives all business in a traditional economy.